U.S. stocks nudged to fresh record highs by midday Tuesday as a renewed surge across semiconductor and AI-infrastructure names offset a lingering standoff between Washington and Tehran that kept crude oil firm.

• Marvell Technology stock is at critical resistance. Why are MRVL shares at highs?

The S&P 500, Nasdaq 100 and Dow all pared earlier losses to trade above the flatline, with chip leaders doing the heavy lifting.

The S&P 500 added 0.2% to 7,614, and the Dow Jones Industrial Average rose 0.2%, or about 76 points, to 51,155. 

The Nasdaq 100 outperformed with a 0.4% gain to 30,649, powered by the chip complex. 

The small-cap Russell 2000 outpaced its large-cap peers, climbing 0.8% to 2,929.

The standout mover was Marvell Technology Inc. (NASDAQ:MRVL), which soared 20% after Nvidia CEO Jensen Huang called the data center chip designer “the next trillion-dollar company” during an appearance at Computex in Taipei; Nvidia has also committed a $2 billion investment in the firm. 

Hewlett Packard Enterprise Co. (NYSE:HPE) surged nearly 30% after fiscal second-quarter revenue jumped 40% to a record $10.68 billion and adjusted EPS of $0.79 beat estimates by 26 cents with management lifting full-year adjusted EPS ...